The Central Bank of Nigeria(CBN) has announced that it will continue enforcing the controversial cybercrime levy at 0.005% on all electronic transactions under its new guidelines for the 2024-2025 fiscal year.

The Apex bank noted that the levy, which has sparked debate among Nigerians, is aimed at bolstering the nation’s cyber security infrastructure. According to the new guidelines, the percentage has been reduced from 0.5% earlier announced in May 2024 to 0.005%.

The CBN added that revenue generated from the levy is directed towards a cyber-security fund, intended to support measures that safeguard Nigeria’s banking system from the growing threat of cyber-attacks.